CAIRO: Egyptian construction and engineering group Hassan Allam said on Monday that it would float up to 44.3 percent of its shares on the Egyptian Exchange and the London Stock Exchange.
The company said it intended to use the proceeds to develop solar assets, fund its water platform, acquire a specialty engineering company, and support continued growth in construction and building materials businesses.
Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people, and through subsidiaries in Saudi Arabia and Algeria, according to an announcement of the sale on the company’s website.
It did not give a date or pricing information for the share offer.
Renaissance Capital and EFG Hermes will be joint global coordinators for the sale, and together with Arqaam Capital will also act as joint bookrunners, the company said.
It said the selling shareholders were the Hassan Allam family, which collectively owns an 86.2 percent stake in the company, as well as the International Finance Corporation, which owns a 13.8 percent stake.
The announcement of the sale comes amid a surge of private and public offerings that will test investor appetite in Egypt at a time of emerging market turbulence.
Egypt’s Hassan Allam plans to list shares in Cairo, London
Egypt’s Hassan Allam plans to list shares in Cairo, London
- Hassan Allam is a general contractor operating in Egypt, where it employs more than 34,000 people
- It did not give a date or pricing information for the share offer
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
